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Exam 28: Unemployment

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Question 201

Multiple Choice

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U.S.Department of Labor data show that minimum-wage workers tend to be

A) young and less educated.
B) young and more educated.
C) old and less educated.
D) old and more educated.

E) B) and C)
F) A) and D)

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Question 202

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The amount of unemployment that a country typically experiences is a determinant of that country's standard of living.

A) True
B) False

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Question 203

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The Bureau of Labor Statistics defines the labor-force participation rate as the percentage of the labor force that is employed.

When the wage is above the equilibrium level,

The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S.data.All values are in thousands.Fill in the blank entries in the table.

Data on the unemployment rate in the U.S.since 1960 show that the economy always has some unemployment and that the amount changes from year to year.

The Bureau of Labor Statistics' "unemployed" category includes those who were not employed,were available for work,and had tried to find employment during the previous 4 weeks.

Meredith is looking for work as a computer programmer.Although her prospects are good,she hasn't yet taken a job.Julie is looking for work in a steel mill.Every time she shows up for an interview,there are more people looking for work than their are openings.Someone waiting in line with her tells her it has been that way for a long time.

The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about 60,000 households,called the Current Population Survey.

Consider two labor markets in which jobs are equally attractive in all respects other than the wage rate.All workers are equally able to do either job.Initially,both labor markets are perfectly competitive.If a union organizes workers in one of the markets,then the wage rates will tend to

The unemployment that results from the process of matching workers and jobs is called frictional unemployment.

Suppose that some people report themselves as unemployed when,in fact,they are working in the underground economy.If these persons were counted as employed,then

When unions raise wages in some sectors of the economy,the supply of labor in other sectors of the economy

More generous unemployment insurance would

Who would be included in the labor force?

The Bureau of Labor Statistics reported in 2005 that there were 59.98 million people over age 25 whose highest level of education was a high school degree or equivalent,36.40 million of whom were employed and 1.93 million of whom were unemployed.What were the labor-force participation rate and the unemployment rate for this group?

Table 28-3 2003 Labor Data for Adults (age 16 and older) in Meditor -Refer to Table 28-3.What is the adult female population in Meditor?

The unemployment rate is computed as the number of unemployed

The adult population must equal the sum of the employed and the unemployed.

Table 28-2 2009 Labor Data for Wrexington -Refer to Table 28-2.How many people were in Wrexington's labor force in 2009?